$6M for Greenpoint Property

Green Bush Realty sold its mixed-use property at the corner of Manhattan and Nassau Avenues in Brooklyn’s Greenpoint neighborhood for $6 million.

“626 Manhattan Ave is strong cash flowing asset situated on one of the best corners in Greenpoint,” said Evan Papanastasiou, director of Eastern Consolidated, which represented the buyer, 550 Long Beach LLC, in the off-market transaction. “This part of Greenpoint has seen tremendous rent growth, which shows no sign of letting up given the thousands of new units being built in this sub-market of Brooklyn.”

“With two retail stores, an office, and three, three-bedroom apartments, this building offers tremendous cash flow, plus it’s ideally located on top of the G-train at the Nassau Avenue station,” added Scott Burk, director for Eastern Consolidated, which also represented the seller.